The National Identification and Registration Authority (NIRA) and the Central Bank of Somalia (CBS) have signed an official Memorandum of Understanding (MoU) aimed at enhancing financial services through the use of Somalia’s National ID system.
This collaboration, formalized by NIRA’s Director General Abdiwali Abdulle and Central Bank Governor Abdirahman Mohamed Abdullahi on Thursday, allows the National ID to be used as the primary form of identification for banking and financial transactions.
This agreement is a major step towards increasing financial inclusion in Somalia.
It streamlines the ID verification process at financial institutions, strengthens data security, and helps prevent fraud, enabling more people to access banking services.